My husband and I both have traditional IRA's and we both took our RMD's in January (we are both over 73). My husband died on Sept. 30th. The balance of his IRA was transferred into my IRA account in December. I received a 1099R in my name showing my RMD in box 1 and 2A and a code of 7 in box 7. I received another 1099R in my husband's name showing his RMD in box 1 and 2A and a code of 7 in box 7. No other 1099R's were received. In previous years, we had been filing an 8606 for each IRA in order to keep track of our basis.
1) Do I enter 2 separate 1099R's in TT and if so, do I say they are both mine or do I enter 1 as mine and the other as my spouse's?
2) How and how many 8606 forms do I fill out? Do I just fill out one 8606 form?
I am sorry for your loss. If you are filing a joint return, which will be a final return for your husband, you'll need to report the two 1099-R's separately. You would enter one for you and the other for your spouse. Then, going forward, there will only be one 8606 in your name.
Thank you Isabella. This leads me to another question. In December, they transferred the majority of my husband's balance in his IRA to my IRA. For some reason, they left a small amount ($149) in his account. That small amount didn't get transferred and his account didn't get closed until 2018. When I am filling out the 8606 for my husband's IRA for 2017, do I put $149 as the value of the account as of 12/31/17 or do I use the value as of his date of death?
See page 5 of Publication 590-B under What If You Inherit an IRA? (IRA with Basis). This indicates that you would use the portion you added to your IRA to your 8606, and including only what remained in his at the end of the year on his.